All domestic FEA customers will be given free shares: AG
March 12, 2018 5:35 am
All residential or domestic registered FEA customers will be given free shares when the Authority becomes a listed company with the South Pacific Stock Exchange.
Enterprise Minister, Aiyaz Sayed-Khaiyum says the Government wants to provide this opportunity to both pre and postpaid customers allowing them to participate in the capital market.
Sayed-Khaiyum says this initiative will enhance the identification of Fijians with a major utility company.
He adds Government will hold 51 percent of shares while 49 percent will be distributed amongst domestic account holders, divestment opportunities and a trust fund.
“In one year’s time there will be another few hundred account holders while in two years’ time there will be thousands more. So we are looking to hold a certain amount in trust for a period of time until all these people actually come online so that they can also be given shares.”
The Enterprise Minister made these comments after the National Federation Party Leader, Professor Biman Prasad asked him to inform the house about the progress if any, of plans to offer shares in Fiji Electricity Authority to FEA’s domestic account holders as part of divestment of the Authority’s shares as announced in Parliament in 2017.
He says the work is progressing well however, a timeline for completion cannot be given as a lot of work is required.
Sayed-Khaiyum says FEA is also looking for strategic partners to acquire shares.